Stabilus reported weak organic (org.) results for Q1 FY 2025, with revenue and adjusted (adj.) EBIT down 5.8% and 11.1% yoy, respectively, organically, due to challenging market conditions, especially in the automotive sector. However, some of this downward pressure was relieved by the consolidation of Destaco, and an org. rise in the demand for spare parts. This resulted in an overall yoy revenue growth, coming in at EUR 326m (up 6.7% yoy) and adj. EBIT at EUR 37.8m (up 13.5% yoy), with the margin expanding 70bps yoy to 11.6%. Revenues in all geographies declined organically, due to weak automotive powerise and gas spring demand. Given the tough macro environment and persistent geopolitical tensions, management has maintained its guidance range for full-year FY25. Stabilus’s stable but still high leverage of 2.8x may limit M&A potential, but management expects a turnaround in macroeconomic conditions in the later part of FY25, potentially bringing back organic growth to a positive trajectory. For now, mwb research’s analysts broadly maintain their estimates and reiterate their BUY recommendation on the stock at an unchanged target price of EUR 42.00. The full update can be downloaded under https://www.research-hub.de/companies/Stabilus%20SE

Wacker’s preliminary 2024 results marked a second year of contraction, with sales down 11% yoy to EUR 5.72bn, as weak solar-grade polysilicon demand outweighed gains in chemicals. EBITDA fell 7% yoy to EUR 770m, beating consensus of EUR 735m, but was weighed down further by high energy costs and scaled-back production. Despite these challenges, the chemicals business, including silicones and polymers, showed some resilience, while Biosolutions delivered impressive growth. Polysilicon, however, remained a drag, hit by weak solar-grade demand and Chinese oversupply. Looking ahead, mwb research’s analysts believe Wacker is well-positioned to navigate near-term headwinds through its cost-saving initiatives and strategic investments in high-margin specialty chemicals and semi polysilicon. mwb research expects 2025 to be a mixed but gradually improving year. Consequently, the analysts remain conservative in their estimates. With stock trading at attractive valuation levels, the analysts see a compelling entry opportunity offering a favorable risk-reward profile. Thus, the analysts maintain their BUY rating with a revised PT of EUR 97.00. The full update can be downloaded under https://www.research-hub.de/companies/Wacker%20Chemie%20AG

secunet reported preliminary Q4 2024 and full-year numbers that were broadly as expected. Sales were down 1.7% yoy to EUR 152.0m in Q4, but up 37.6% qoq, due to a strong momentum in the Public Sector segment business and with Q4 traditionally being the strongest quarter. While EBIT was down 27.9% yoy, due to R&D investments and inventory adjustments, it improved 48.1% qoq on a higher revenue number and supply chain tweaks. Together with a strong Q3, Q4 results carried full-year 2024 results over targets, with revenue coming in EUR 7.0m above the target of EUR 400.0m and EBIT coming in line with the target of EUR 42.0m. secunet’s investments in new products and efforts to future-proof existing products continue to weigh on margins, with a focus on recovery beyond 2026. Therefore, mwb research’s analysts maintain their target price at EUR 185.00 and reiterate their BUY recommendation on the stock. The full update can be downloaded under https://www.research-hub.de/companies/secunet%20Security%20Networks%20AG

Suss MicroTec, a key supplier of equipment for AI chip production, faced a share price dip following concerns sparked by the launch of DeepSeek, a highly efficient Chinese AI model. Investors worried that the demand for AI infrastructure may decline as training processes become more resource-efficient. However, this is offset by the rising computational demands of AI reasoning models, which require significantly more inference power, and the potential for cheaper training costs to drive AI adoption. Suss MicroTec's strong preliminary Q4 results, record revenues, and robust order momentum signal continued growth, making the recent share price correction a buying opportunity. mwb research’s analysts confirm their BUY recommendation with a price target of EUR 77.00. The full update can be downloaded under https://www.research-hub.de/companies/SUESS%20MicroTec%20SE

Siemens Energy (SE) announced strong preliminary Q1 25 results, with a significant increase in revenue driven by Grid Technologies and Siemens Gamesa. Total income before special items exceeded expectations and free cash flow improved significantly. However, Siemens Gamesa continued to report a loss. Order intake increased, with Gas Services and Siemens Gamesa contributing significantly. The share price has recently been volatile, mainly due to developments in the AI infrastructure, which may lead to exaggerated market reactions. Given the high expectations already priced in, mwb research’s analysts slightly raise their estimates and upgrade their rating from SELL to HOLD, while maintaining their PT at EUR 45.00. The full update can be downloaded under https://www.research-hub.de/companies/Siemens%20Energy%20AG

BASF’s preliminary FY24 results paint a mixed performance amid industry challenges. Sales fell for the second consecutive year to EUR 65.3bn (-5.2% yoy), pressured by lower average prices yoy and currency effects, though volumes improved and prices recovered steadily throughout the year. EBITDA before special items of EUR 7.9bn matched consensus but missed guidance, reflecting weakness in Chemicals, partially offset by strong gains in Agricultural Solutions. Free cash flow of EUR 0.7bn exceeded expectations and guidance but remained well below 2023 levels. Competition and subdued demand in key markets like agriculture, chemicals, automotive and construction continues to weigh. Looking ahead to 2025, mwb research’s analysts expect modest low single digit growth as stabilizing prices, easing macro pressures, and BASF’s refined strategy drive resilience. The analysts maintain their BUY rating with a revised PT of EUR 58.00 (old: EUR 62.00). The full update can be downloaded under https://www.research-hub.de/companies/BASF%20SE

The U.S. administration’s rollback of Biden’s 50% EV sales target, removal of subsidies, and eased emissions standards marks a significant shift, easing pressure on traditional automakers but risking slower EV adoption, higher prices, and a growing gap with global leaders like China. This slowdown could dampen demand for EV-centric innovations, such as Elmos’ sensor-intensive products, but the company’s almost drivetrain-agnostic IC portfolio ensures steady demand across both traditional and electric vehicles. Automakers may now pivot investments toward autonomous driving, vehicle digitalization, and premium features, aligning well with Elmos’ expertise in safety systems and advanced lighting, thus balancing demand. For 2025, mwb research’s analysts expect industry growth to remain elusive due to inventory pressures and subdued demand in major markets. Against this backdrop, mwb research’s analysts adjust their estimates, now projecting modest 1.5% sales growth and a slight EBIT margin decline to 23.5% (-1.5pp yoy) for 2025. Despite challenges, Elmos stock remains a top play with a revised price target of EUR 98.00 (previously EUR 105.00), supported by strategic initiatives expected to drive historic record free cash flow starting in 2025 and beyond. The full update can be downloaded under https://research-hub.de/companies/Elmos%20Semiconductor%20SE

123fahrschule SE (123fs) reported preliminary FY24 revenues of EUR 22.8m (+10% yoy) and an EBITDA of EUR 400k, reflecting significant operational improvements. Both figures are fully in line with mwb research’s estimates. Furthermore, 123fs reported on the issuance of a EUR 3.4m convertible bond, which will fund growth investments, especially in simulators and online training. For FY25, the company projects revenues of EUR 28-30m (EUR 27.8m mwb est.) and an EBITDA of EUR 1.5-2.5m (EUR 2.1m mwb est.), with simulators expected to drive growth. Legislative changes and an expanding branch network bolster the outlook. mwb research’s analysts maintain their EUR 6.20 target price and BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/research/123fahrschule%20SE

MHP Hotel AG (MHP) reported strong Q4 KPI, with a 17% yoy increase in revenue per available room to EUR 185, driven by an 81% occupancy rate (+5PP yoy) and a 9% higher average daily rate of EUR 227. The company likely achieved its upgraded FY24 guidance of EUR 160m revenue and EUR 9m group EBITDA. Looking ahead, MHP is expecting FY25 revenues of EUR 180m, in line with mwb research estimates. As a positive surprise, MHP expects FY25 EBITDA of EUR 15m on anticipated stable demand and the opening of the Conrad Hamburg in summer 2025, well ahead of mwb research expectations. Adjusting estimates to reflect the updated guidance leads to a confirmed BUY recommendation with a new price target of EUR 3.30 (old: EUR 3.00). mwb research invites all interested investors to a roundtable tomorrow (28 January) at 14:00 with CEO Jörg Frehse and Senior Director Corporate Finance Maximilian Michaelsen. Please register here: https://research-hub.de/events/registration/2025-01-28-14-00/CDZ0-GR. The full update can be downloaded under https://research-hub.de/companies/MHP%20Hotel%20AG

Redcare Pharmacy’s share price dip this week, triggered by DocMorris’ weaker-than-expected results, fails to reflect its superior performance and leadership in the e-prescription market. With 32% revenue growth and a strong financial foundation, Redcare remains well-positioned for sustained success in the competitive European online pharmacy sector. mwb research’s analysts confirm their PT of EUR 144.00 and maintain their BUY rating on the stock. The full update can be downloaded under https://www.research-hub.de/companies/Redcare%20Pharmacy%20N.V.